There are different opinions on the entry of pension funds into the market, but the entry of pension funds into the market is inevitable and must be done to benefit the country and the people, but one must be aware of risks.

To maintain and increase the value of pension funds, "entering the market" is the most likely way to achieve it. However, pension insurance funds are the life-saving money of the people, and it is necessary to ensure that pensions maintain and increase their value safely and efficiently.

The entry of pension funds into the market has actually begun in many provinces and cities. Pensions are part of social insurance funds. As social security funds of the central government, they have long been in the market. Several financial leaders from the central government have repeatedly mentioned the need to promote the entry of pension funds into the market. The pace of entering the market may have already begun before the voice was heard. start.

Pension market entry refers to investing individual account funds in basic pension insurance funds into securities. Investing pension funds in the market can maintain and increase the value of pension funds, and can also play a role in stabilizing the market. However, since pension funds belong to the category of social security, investing in the market is inevitably risky. Therefore, the entry of pension funds into the market has always been a debate among Chinese experts and scholars. The problem has also attracted strong public attention.

At the Two Sessions held in March 2012, the dual-track pension system was questioned, and whether pension funds should enter the market again aroused controversy; after that, the issue of pension funds was settled, and Guangdong Qianbi Pension was confirmed to enter the market. .

It is now time for pension funds to enter the market, but the entry of pension funds into the market needs to be monitored and managed. In March 2015, with the approval of the State Council, Shandong Province decided to entrust the 100 billion yuan employee pension insurance surplus fund to the National Council for Social Security Fund for investment and operation, and transferred it in batches. The first batch of 10 billion yuan has been transferred in place, and the remaining funds are in progress. Gather.

On August 17, 2015, the State Council issued the "Basic Pension Insurance Fund Investment Management Measures", which will come into effect on the date of issuance. The management measures stipulate that the total proportion of investment in stocks, stock funds, hybrid funds, and stock-based pension products shall not exceed 30% of the net asset value of the pension fund. At the same time, key state-owned enterprises are restructured and listed, and pension funds can make equity investments.

The entry of pension funds into the market actually has a solid theoretical basis:

First, the entry of pension funds into the market and the appreciation of pension funds are an international practice and a relatively mature practice.

It is an international practice to increase the value of operational pensions. Regardless of whether South Korea entered the market by borrowing social security funds or the American "401K plan", they have achieved the preservation and appreciation of assets and brought considerable investment returns to pension funds.

However, despite positive international experience, China has its own national conditions. Pensions involve hundreds of millions of people in retirement and are related to the interests of all social strata. The "investment operation" of pensions has already begun. "You should still be cautious. Therefore, the entry of pension funds into the market needs to be monitored and managed by laws and regulations, and must be implemented and implemented. To ensure the safety of this "life-saving money", "you can only earn but not lose", which can be said to be the first and harsh bottom line, and you cannot risk the people's life-saving money.

Second, the entry of pension funds into the market has a long-term positive effect on the healthy development of the stock market.

The development of the stock market requires the acceptance of various types of investments, especially long-term institutional funds such as pension funds that pursue stability. This will have a long-term positive effect on the healthy development of the stock market.

But pension funds should be limited to domestic investments. Investment scope includes: bank deposits, central bank bills, interbank certificates of deposit; treasury bonds, policy and development bank bonds, financial bonds with a credit rating above investment grade, enterprise (company) bonds, local government bonds, convertible bonds (including detachable bonds) Trading convertible bonds), short-term financing bills, medium-term notes, asset-backed securities, bond repurchases; pension products, listed securities investment funds, stocks, equity, stock index futures, and treasury bond futures.

Third, the entry of pension funds into the market is an important measure for economic transformation.

The scale of my country’s pension fund is very large, with a scale of over one trillion. In order to increase the amount of funds in the stock market, especially to enhance confidence in the stock market, the relaxation of stock capital access policies also provides a blueprint for the entry of other funds into the market in the future.

In the context of economic transformation and the uneven development of enterprises, banks have issued a large amount of loans to large state-owned enterprises or listed companies. It is difficult for tens of millions of small, medium and micro enterprises in my country to rely on indirect financing from banks. Channels to obtain low-cost loan funds. As for direct financing channels dominated by the stock market and bond market, their proportion has been too low for a long time.

As a result, entering the market through pension funds, increasing the amount of funds in the stock market, and activating the stock market are important measures for economic transformation.